South Carolina Request for Change of Beneficiary of Annuity

State:
Multi-State
Control #:
US-01785BG
Format:
Word; 
Rich Text
Instant download

Description

An annuity is a contract between you and an insurance company, under which you make a lump-sum payment or series of payments. In return, the insurer agrees to make periodic payments to you beginning immediately or at some future date. Annuities typically offer tax-deferred growth of earnings and may include a death benefit that will pay your beneficiary a guaranteed minimum amount, such as your total purchase payments.


There are generally two types of annuities -- fixed and variable. In a fixed annuity, the insurance company guarantees that you will earn a minimum rate of interest during the time that your account is growing. The insurance company also guarantees that the periodic payments will be a guaranteed amount per dollar in your account. These periodic payments may last for a definite period, such as 20 years, or an indefinite period, such as your lifetime or the lifetime of you and your spouse.


In a variable annuity, by contrast, you can choose to invest your purchase payments from among a range of different investment options, typically mutual funds. The rate of return on your purchase payments, and the amount of the periodic payments you will eventually receive, will vary depending on the performance of the investment options you have selected.

How to fill out Request For Change Of Beneficiary Of Annuity?

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FAQ

As the policyholder, only you ? or someone who holds durable power of attorney for you ? can change your life insurance beneficiaries. However, if your policy names an irrevocable beneficiary, you will also need to get that beneficiary's consent before making changes.

An annuity can be used to bypass probate if it names a specific beneficiary. Because the person is named in the contract itself, there's nothing to contest at a court hearing.

You have the option to name beneficiaries when you purchase a life insurance policy and can update them by contacting the insurance company or by logging onto your insurance account online to make changes.

A revocable beneficiary can be changed at any time. Once named, an irrevocable beneficiary cannot be changed without his or her consent. You can name as many beneficiaries as you want, subject to procedures set in the policy. The beneficiary to whom the proceeds go first is called the primary beneficiary.

Under SCRS, you are eligible to retire with an unreduced benefit if you have at least eight years of earned service credit and: Met the Rule of 90 requirement; or ? Reached age 65. The Rule of 90 means your age and your years of service total 90.

Generally, you will need to fill out a change of beneficiary form which includes information such as the policyholder's name, the new beneficiary's name, and the reason for the change. You may also need to provide a copy of the policyholder's death certificate if the beneficiary is being changed due to their death.

You can add or change a lump-sum beneficiary at any time. It's important to keep your beneficiary designation up to date.

Only the policyholder can change a life insurance policy's beneficiaries, with rare exceptions. Here's how and when to make a beneficiary change, and when you might need another person's sign-off. The policy owner is the only person who can change the beneficiary designation in most cases.

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South Carolina Request for Change of Beneficiary of Annuity